A 251 per cent increase in metal recycling sales has been recorded by China Armco Metals.
In its second quarter results, the company has revealed an 82 per cent increase in revenue to $31.0 million with sales of recycled metals contributing $22 million.
The company sold 47,662 tonnes of scrap metal compared to 10,400 tonnes when its new recycling facility was only in its pilot stage.
China Armco chairman and chief executive Kexuan Yao said: “We made significant progress in our metal recycling business this quarter. Production expanded from 18,535 tonnes in the first quarter to 36,322 tonnes this quarter, signifying increased traction with our customers. We are maintaining active discussions with prospective new customers to further expand our client base.”
The company imports both iron ore and scrap metal.